The Millennial Entrepreneur needs financial advice, but not the way the IFA is currently dishing it out for him. Many of them are seriously going to outlive their retirement corpus, but there may be other solutions. Here…

1. Pay for all your goals too! – “Pay your self first” is an old concept that I have done many posts on. Go and find them. When a young M starts his own business he normally has no idea about how profitable his business is. So he does not take a salary at all. This may be good for the business, but is a disaster for the entrepreneur. He has to take a salary which is big enough for him to pay for day to day expenses comfortably, vacations (if any), children’s future education (goals), and any other goals that he /she has. One day his faculties will fail – physically, mentally, whatever, he needs to provide for that day too. I do not say that I do not understand that a new entrepreneur is fixated on growing his business, so he does not prioritize his personal needs. Paying yourself will also give you a picture of your new company’s profitability. Without considering all of your expenses (including future goals), you’ll never know when you need to make important changes to the cost structure to ensure the company succeeds. Beyond the math, the emotional toll of a personal financial burden will hinder any entrepreneur from effectively running a business.
2. Understand how to take a salary right from day one – no venture capitalist wants to hear that his money is going to be used for paying the past salary of the entrepreneur. So take a salary – AT LEAST your last drawn salary – or enough to pay for your goals. When you need funds for the business BORROW from outside sources.
3. Maintain proper books of accounts – for the business and for your personal needs. Remember to keep business and personal cash flow separate. Record honestly.
4. Get the full set of advisers – income tax. lawyer, mature and successful IFA, and try to get a mentor – a big or small businessman – even if he has failed, he can add value. First interview them and see if you respect them. Spend a lot of time in the recruitment – they are going to be with you for about 5 decades. Be careful, but take your time.
5. Conquer your debt – the easiest borrowing possible for the entrepreneur is the credit card, then the personal loan, then car loan, then a Loan Against Property or Loan against existing portfolios. Remember if you do not stay on top of your debt, it could just finish you. Look at Anil Ambani. There is a long list of people who went to their graves because of the unmanaged debt. While debt affects your financial reality, managing the emotional aspect of debt can be just as important to success. College debt, can feel so daunting that any aspiration of financial freedom seems inconceivable without this debt being paid off. Pay off all loans – but remember if you are a budding entrepreneur you may not get fresh loans. So a sensible balance of With a realistic game plan, true entrepreneurs turn seemingly deterring factors like debt into motivation.
6. Of course your advisers will give you a lot of advice – and you should strike a correct balance between what suits you.

I am proud of so many kids who have started out on their own, got funded, and are earning far, far, far more than the salary that I saw them earning. This company where you register for my workshop is also one kid …

https://onewallet.in/wealth-management-class